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I am a modestly bullish near-term, but I'm bearish into media term.

I expect the S&P to decline to a low double digit percentage this year.

I think if we're going to take long dollar positions, I think the euro is the way to go right

now, short the euro long the dollar.

I don't think inflation is too low.

The public doesn't care that core PCE inflation is 1.4%.

They're oblivious to it.

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